28 Apr 2005
Harrah's and Caesars sell casinos prior to merger
Las Vegas-based casino operators Harrah’s Entertainment and Caesars Entertainment have sold four properties to Colony Capital for a total of US$1.24bn (£650m, 955m euros).
The properties, Harrah’s East Chicago, Harrah’s Tunica, Atlantic City Hilton and Bally’s Tunica were sold in connection with the US$9.4bn (£5bn, 7bn euros) merger of Harrah’s and Caesars announced last July and which is due to complete later this year.
In January, Harrah’s wound up a US$1bn (£530m, 750m euros) joint venture with UK-based Gala Group following the British government’s limiting the number of regional casinos allowed under the new Gambling Act.
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